{"id":3317,"date":"2025-03-04T07:43:49","date_gmt":"2025-03-04T07:43:49","guid":{"rendered":"https:\/\/ventil.rs\/blog\/business\/markets-sink-as-trump-confirms-tariffs-on-canada-mexico-and-china-such-tv\/"},"modified":"2025-03-04T07:43:49","modified_gmt":"2025-03-04T07:43:49","slug":"markets-sink-as-trump-confirms-tariffs-on-canada-mexico-and-china-such-tv","status":"publish","type":"post","link":"https:\/\/ventil.rs\/blog\/business\/markets-sink-as-trump-confirms-tariffs-on-canada-mexico-and-china-such-tv\/","title":{"rendered":"Markets sink as Trump confirms tariffs on Canada, Mexico and China – SUCH TV"},"content":{"rendered":"


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US President Donald Trump shut down hopes Monday of an eleventh-hour deal with Canada and Mexico to avert sweeping tariffs, while signing an order to further hike duties on China.<\/p>\n<\/p><\/div>\n

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Trump had unveiled — and then paused — blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing to stop illegal immigration and drug trafficking.<\/p>\n

The halt is due to expire Tuesday, and US stock markets tumbled after Trump told reporters Monday there was “no room left” for both countries to avoid the levies.<\/p>\n

The duties stand to impact over $918 billion worth of US imports from both countries.<\/p>\n

Canadian Prime Minister Justin Trudeau on Monday pledged to impose retaliatory 25 percent tariffs on Washington, saying in a statement: “Canada will not let this unjustified decision go unanswered.”<\/p>\n

Trump also inked an order Monday to increase a previously imposed 10 percent tariff on China to 20 percent — piling atop existing levies on various Chinese goods.<\/p>\n

Beijing warned it would take countermeasures against the new tariffs to safeguard its own interests.<\/p>\n

Economists caution that tariffs could raise consumer prices while weighing on growth and employment.<\/p>\n

Asian markets fell on opening Tuesday, with Japan’s Nikkei index dropping more than two percent and Hong Kong’s Hang Seng down 1.5 percent after Trump’s latest tariff actions.<\/p>\n

The Tax Foundation estimates that before accounting for foreign retaliation, tariffs on Canada, Mexico and China this time would each cut US economic output by 0.1 percent.<\/p>\n

And sweeping duties, particularly on Canada and Mexico, are set to snarl supply chains for key sectors like automobiles and construction materials, risking cost increases to households.<\/p>\n

This could complicate Trump’s efforts to fulfill his campaign promises of lowering prices for Americans.<\/p>\n

On Monday, Trump told reporters that 25 percent tariffs on Canada and Mexico were “all set.” Canadian energy goods face a lower rate.<\/p>\n

“What they’ll have to do is build their car plants, frankly, and other things in the United States,” Trump said.<\/p>\n

Former US officials see Trump’s tariffs over drugs like fentanyl as a means to tackle socio-economic problems — while providing legal justifications to move quickly.<\/p>\n

Washington is also seeking leverage and to rebalance trade ties, analysts believe.<\/p>\n

But using emergency economic powers to impose tariffs on Canada, Mexico and China is a novel move, and could trigger lawsuits.<\/p>\n

– Higher costs –<\/strong><\/p>\n

Mexican President Claudia Sheinbaum said her country has contingency plans, whatever decision Trump takes.<\/p>\n

If Trump continues with his tariff plans, KPMG chief economist Diane Swonk warned: “We could easily reach the highest effective tariff rate since 1936 by the beginning of 2026.”<\/p>\n

Both consumers and manufacturers stand to bear the costs of additional tariffs, which could diminish demand and trigger layoffs as businesses try to keep costs under control, she told AFP.<\/p>\n

Robert Dietz, chief economist at the National Association of Home Builders, told AFP the group expects a possible “combined duty tariff rate of above 50 percent on Canadian lumber” as proposed duties add up.<\/p>\n

Even as the United States also plans to expand forestry, Dietz said, prices will likely rise in the short-run.<\/p>\n

Anecdotally, some builders expect they could face higher costs of $7,500 to $10,000 per newly built single family home, he said.<\/p>\n

– Industry pushback –<\/strong><\/p>\n

Trump’s doubling down on tariffs has already drawn industry pushback.<\/p>\n

The US-China Business Council, a group of around 270 American firms that do business in China, warned in a statement that sweeping tariffs would hurt US firms, consumers and farmers “and undermine our global competitiveness.”<\/p>\n

“Any use of tariffs should be strategic and targeted, focusing on specific US national security goals and unfair Chinese economic practices,” the council’s president Sean Stein said.<\/p>\n

The National Retail Federation, meanwhile, warned that as long as tariffs on Canada and Mexico are in place, “Americans will be forced to pay higher prices on household goods.”<\/p>\n

While Washington has targeted China over chemicals for illicit fentanyl, many of the components have legitimate uses, too — making prosecution tricky.<\/p>\n

Trudeau has said that less than one percent of the fentanyl and undocumented migrants that enter the United States come through the Canadian border.<\/p>\n<\/p><\/div>\n


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US President Donald Trump shut down hopes Monday of an eleventh-hour deal with Canada and Mexico to avert sweeping tariffs, while signing an order to further hike duties on China. Trump had unveiled — and then paused — blanket tariffs on imports from major trading partners Canada and Mexico in February, accusing them of failing…<\/p>\n

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